In the latest data sharing initiative between government and private sector, a new intelligence unit is being launched by UK payments association APACS and the police to tackle all types of banking fraud.
The new Payment Industry and Police Joint Intelligence Unit (PIPJIU) combines the banking industry’s older Fraud Intelligence Bureau (FIB) with the intelligence section of the Dedicated Cheque and Plastic Crime Unit (DCPCU).
The new unit is intended to provide a more efficient approach to the collation and dissemination of fraud intelligence to police forces throughout the country.
APACS has also unveiled a fraud intelligence sharing system (FISS) to be used by the banking industry. The central intelligence database will enable police and banks to share information on all confirmed, attempted and suspected fraud.
"We welcome these new intelligence-sharing initiatives,” said Home Office minister Vernon Coaker.
"The Home Office is committed to the principle of data-sharing to help prevent fraud and has recently legislated to make provision for data-sharing between the public and private sectors."
The banking sector has invested almost £5 million per year into the DCPCU, the enhanced joint intelligence unit and the new data-sharing system, said DCI John Folan, head of DCPCU.
"With this increased funding and a wider remit, our primary objective is to build on the already successful work undertaken by the banking industry and the DCPCU in combating fraud," says Folan.
The unit will be operational immediately and staffed by 15 City of London and Metropolitan Police officers, alongside five fraud specialists from the banking industry.